Silver Price Analysis: XAG/USD dips slightly, remains bullish above $27.00

Silver retreats from a high of $27.43 while interacting with key Fibonacci retracement levels.
XAG/USD consolidates within the $27.05 to $27.70 Fibonacci range.
A break above $27.70 could open the path to higher resistances at $28.00 and possibly extend towards the $29.00 mark and the annual high at $29.76.
Should it fall below $27.05, Silver might target further supports at $26.41 and the crucial $25.50 level.

Christian Borjon Valencia FXStreet

Silver's price edged down late during Monday’s North American session. It lost some 0.10% after reaching a daily high of $27.43 hit during the North American session. At the time of writing, XAG/USD trades at $27.12.

XAG/USD Price Analysis: Technical outlook

The XAG/USD daily chart suggests the grey metal is consolidating between 50% and 38.2% Fibonacci retracement, within the $27.05-$27.70 area of the Fib drawn from the swing low at $24.34 to the latest high at $29.76.

For a bullish continuation, traders need to reclaim the top of the abovementioned range at $27.70 so they can threaten to breach the $28.00 milestone. Once cleared, the next resistance would be the 23.6% Fib retracement at $28.48, followed by the $29.00 mark. The next supply area would be the year-to-date (YTD) high at $29.76.

On the flip side, bears could find some relief if XAG/USD slides below the 50% Fib retracement at $27.05, followed by the 61.8% retracement at $26.41. A subsequent dip is seen below that level, exposing the confluence of the 50-day moving average (DMA) and the 78.6% Fib retracement at $25.50.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	27.15
Today Daily Change	-0.07
Today Daily Change %	-0.26
Today daily open	27.22

Trends
Daily SMA20	27.57
Daily SMA50	25.41
Daily SMA100	24.28
Daily SMA200	23.78

Levels
Previous Daily High	27.73
Previous Daily Low	27.08
Previous Weekly High	28.69
Previous Weekly Low	26.67
Previous Monthly High	25.77
Previous Monthly Low	22.51
Daily Fibonacci 38.2%	27.33
Daily Fibonacci 61.8%	27.49
Daily Pivot Point S1	26.96
Daily Pivot Point S2	26.7
Daily Pivot Point S3	26.31
Daily Pivot Point R1	27.61
Daily Pivot Point R2	27.99
Daily Pivot Point R3	28.25

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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